What do you call someone who’s happy on Mondays? Retired! – Anonymous
Whether you are a Gen Xer who just signed on with a financial planner or a Baby Boomer ready to be a snowbird or world traveler you should be carefully planning for what happens when you stop working and retire. People are for the most part living longer and a long retirement can be challenging without a lot of thought and planning. This blog will help you understand the steps that will lead you to a successful retirement without financial distress.
Take Inventory of What $$ You’ll Need to Retire. To start on the road to a successful retirement think about what you want your golden years to look like and what cost will be involved? You don’t have to be exact, but have a broad figure in mind. As you approach retirement it’s a good idea to consider the expertise a professional finance planner will offer. If you’ve underestimated the cost of retirement he/she can get you on a better financial footing.
Methuselah…here we come! As a result of better healthcare and lifestyle choices Americans are living a lot longer than prior generations; often attaining the ripe old age of +90. Now’s the time to consider supplementing your Social Security or if you can run the work gauntlet a few extra years past traditional retirement. As the 60’s approach, regard those savings as investments for the future.
You and Your Spouse are Not in Financial Sync. It’s pretty common for partners to split financial responsibilities, but it is equally important that both of you share a similar vision of retirement and how you are going to get there. Earlier discussions are better in order to avoid confusion or upset feelings.
Oops! I forgot about what retirement is also about. Financial set for retirement? … awesome! Now let’s take a moment to think about what you want to do with this extra time. It may be a good idea to take stock in what your interests are. Some people take non credit college courses while others plan to sail the world. On the home front, are you going to volunteer, find a “fun” part-time job or spend more time with friends and loved ones?
Thoughts on the Family We’re Leaving Behind. We are wired to think about our children’s needs first and foremost even when they’re grown and taller than we are. However, providing a large amount of financial support to them can have a dual negative impact – hindering the independence all young adults need and compromising your own financial health as you age. Take a look at how much support you are offering now and what you can do realistically closer to retirement. Finally, the last thing any of us want to do is become a financial burden to our kids when we become senior citizens.